KUALA LUMPUR: UOA Real Estate Investment Trust posted a five fold jump in net profit to RM99.99 million for its financial year ended Dec 31, 2007 (FY07) from RM20.31 million in FY06 mainly due to a revaluation that resulted in a net appreciation on the fair value of its investment properties. Revenue rose 9% to RM34.28 million from RM31.43 million, while earnings per share rose from 8.67 sen in FY06 to 40.65 sen in FY07. Net assets per share rose to RM1.386 as at Dec 31, 2007 from RM1.065 a year earlier. It declared a final income distribution of 4.43 sen comprising 3.62 taxable income and 0.81 sen tax exempt income, bringing the total for year to 8.52 sen, the same amount as the previous year. The revaluation in the second quarter ended June 30, 2007 brought a net appreciation on the fair value of the properties by RM68.4 million. In the fourth quarter, Wisma UOA Bangsar was revalued resulting in a fair value adjustment of RM10.35 million.
By The EDGE MALAYSIA
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